Design Engineering

Kraken Robotics forecasts strong growth for 2023

By DE Staff   

Automation Defense Energy

Newfoundland-based marine technology firm reports record financials for 2022.

Kraken Robotic Systems’ KATFISH towed synthetic aperture sonar (Photo credit: Kraken Robotics)

Kraken Robotics Inc. announced it experienced record growth in fiscal 2022 and expects that upward trend to accelerate next year. The company earned a record $40.9 million last year, compared to $25.6 million in fiscal 2021.

According to the marine technology firm, its 60% year-over-year growth was driven by the delivery of its KATFISH mine-hunting systems, AquaPix synthetic aperture sonar and SeaPower batteries as well as a full year of service revenue from PanGeo Subsea which was acquired in July 2021.

In addition to its revenue growth, Kraken saw its gross margins for 2022 rise to 42%, compared to 44% in 2021. Adjusted EBITDA for the year was $5.3 million resulting in a 13% adjusted EBITDA margin, compared to an adjusted EBITDA of $2.1 million in the prior year and a 8% adjusted EBITDA margin.

Despite the strong performance, the company ended 2022 with a net loss $4.2 million compared to a net loss of $3.5 million in the prior year. Cash balance at year end 2022 was $8.3 million compared to $6.8 million as of December 31, 2021.


“2022 was a strong year for Kraken and we expect it to continue in 2023,” said Kraken president and CEO, Greg Reid. “Revenue growth of 60% and adjusted EBITDA margins of 13% reflect the right technical solutions, strong end markets and improving execution. Investments we have made are positioning us well.”

For 2023, the company expects revenue ranging from $66 – $78 million and adjusted EBITDA in the $12 – $17 million range. According to Kraken, its 2023 outlook is largely driven by contracts in hand and the strength of its products and services groups addressing defense and offshore energy customers.


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